1/7/2013 Update:
Fridays Crude Pit Session:
High: 93.15
Low: 92.22
Settle: 93.07
Looking ahead to today’s crude pit session:
Fridays Crude pit session was relatively volatile finally settling the day up at 93.07. EIA inventory reports showed a much larger draw than expected at -11.12 Million Barrels. This larger than expected draw would normally put tremendous upward pressure on Crude Oil Prices, however many floor traders attributed the large draw to year-end inventory adjustments. This sentiment combined with the US dollar trading at 3 week highs continues to hold prices back. Traders are looking at the 91.50 level as short term support and the 93.50 area as resistance. A break and hold above or below either one of these levels could easily cause Crude Oil Traders to push prices to the t the extremes of our 90-95.00 dollar range.
Levels:
Support: 92.56, 92.14, 91.50, 91.00, 90.50, 90.00
Resistance: 92.70, 92.98, 93.40, 93.80, 94.50, 95.00
Fridays Natural Gas Pit Session:
High: 3.299
Low: 3.232
Close / Settle: 3.287
Today’s Natural Gas pit session:
We watched Natural Gas close higher on Friday session at 3.287 after inventory reports that showed a larger draw than forecasted -135B vs 129B. However, Natural Gas Traders continue to struggle with warm weather pattern predictions. They are looking at 3.350 area as resistance and 3.165 as support a break above or below these levels could easily bring us to the extremes of our 3.00 to 3.50 range
Tune in this morning to hear a full analysis and pit commentary.
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